Shanghai steel futures languished near a record low on Tuesday (24) amid cooling Chinese demand putting more pressure on raw material iron ore that is only a
tad off a seven-year trough.
Rebar for May delivery on the Shanghai Futures Exchange hit a low of 1,652 yuan a tonne, near Monday's bottom of 1,649 yuan which was the lowest for a most-traded rebar
contract since its 2009 launch. It was down 0.6 percent at 1,660 yuan by 0250 GMT.
On the Dalian Commodity Exchange, May iron ore fell1.3 percent to 299 yuan a tonne.
A global glut of iron ore at a time of shrinking steel demand in top market China has caused prices to fall 38 percent this year, on course for a third consecutive annual decline.
This has led to deep cost cuts for iron ore producers, both big and small, including mid-cap Australian miner BC Iron which incurred a net loss of A$158.5 million (US$114.07 million) in the year to June.
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